(PRESS RELEASE) – CAF -Development Bank of Latin America- approved a USD 200 million loan to support Trinidad and Tobago’s management, planning and investment of tourism infrastructure through better institutional and regulatory frameworks.
These funds will be managed by the Ministry of Finance and will support different ongoing institutional initiatives, such as the upgrade of the National Tourism Policy; the strategic plan for the Trinidad and Tobago’s Airports Authority; the development of a National Maritime Policy and Strategy; the analysis to develop ports and logistics hub in the country, specifically in Port of Spain; and the development and integration of the Port Community System (PCS) in the ports’ logistic chain.
Additionally, the loan includes actions to improve other tourism infrastructure linked to beaches, airports, connectivity between islands and access to sectors that are attractive to visitors.
“We are working closely with the government of Trinidad and Tobago to support the implementation of its development plan, that promotes the diversification of the country’s economy through better levels of productivity, better infrastructure, and the improvement of processes and regulatory frameworks to optimize the maritime and air logistics of the country, ”said Luis Carranza, CAF Executive President.
In the last three years (2017-2019) CAF approved USD 800 million for Trinidad and Tobago, which represents an average of USD 267 million per year. In 2017 and 2018, CAF granted two sovereign loans to support public policy actions and reforms aimed to strengthening fiscal sustainability, improving tax administration, efficiency of public spending and public debt management. In 2019 another loan was approved to enhance the development of the national road network.